Unaudited Financial Results for the six months to 30 September 2020

WEL Networks Limited has released its unaudited Financial Results for the six months ended 30 September 2020.
The highlights, on a continuing operations basis, were:

  • The completion of the UFF Holdings Limited sale, the holding company for Ultrafast Fibre Limited, on 30 September 2020. The sale resulted in the repayment of all bank debt and termination of all interest rate hedging leaving the $150m subordinated bond in place until August 2023.
  • Revenue of $70 million is $5 million lower than September 2019 as a result of lines fee reductions, which is in line with our continued focus on reducing lines charges to consumers.
  • Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) from continuing operations of $35 million is $7 million behind from September 2019 largely due to the lower revenue and the impact on unrecoverable costs through the Covid-19 lockdown.
  • Total assets of $1,001 million, a net decrease of $328 million from 31 March 2020 reflecting the sale of UFF Holdings Limited and the fair value of the $200 million 18 month deferred payment portion of the sale proceeds.

Chair, Rob Campbell said “the completion of the UFF sale enables WEL Networks to repay bank debt and to pursue new opportunities and invest in innovative energy solutions in accordance with our business strategy.”

A full copy of the interim report is available here

2021 ANNUAL Report

Following the release of our 31 March 2021 audited financial results on 28 May 2021, WEL Networks Limited (the ‘Group’) has today released their Annual Report.

Key non-financial highlights for the Group include:
  • Over 2,500 energy customers, many of whom face energy hardship, registered with our low cost energy retailer, OurPower, saving on average $456 each customer annually;
  • We expanded our sustainability programme to not only include the reporting of carbon emissions, but to also include wider initiatives for our people, our communities and our network in alignment with the selected United Nations’ Sustainability Development Goals; 3 (Good Health and Wellbeing), 7 (Affordable and Clean Energy), 9 (Industry, Innovation and Infrastructure) and 13 (Climate Action).
  • The acquisition of the New Zealand operations of Infratec Limited from Alpine Energy Limited enables the Group to further develop sustainable technologies and take new opportunities in the provision of clean, innovative and affordable electricity.
  • The expansion of our electric vehicle charger network increasing from 22 to a total of 32.
Read the full 2021 Annual Report